GMM Pfuadler Limited participated in the e-auction process for the sale of Assets (factory land, building, plant and machinery, office equipment, computers, furniture and fixtures, vehicles and capital work in progress) owned by HDO Technologies Limited (In Liquidation) in accordance with the process memorandum dated February 23, 2021, issued by HDOT’s Liquidator under the provisions of Insolvency and Bankruptcy Code, 2016, vide order of National Company Law Tribunal, Mumbai bench, dated June 28, 2018 and was declared as the successful bidder by the Liquidator.
The purpose of acquisition is enhancing capacity and augmenting capabilities. The cost of acquisition is Rs584.6 million.
This state-of-the-art manufacturing facility, spread over 11.9 acres with 7 manufacturing bays (built up area of 23,617 square meters) is located in Vatva, Ahmedabad and is equipped to manufacture a wide range of Heavy Engineering equipment with a crane lifting capacity of 200: metric tonnes, deep-hole drilling (up to 1 meter) capabilities, plate rolling capabilities up to 110 millimeters, strip cladding capabilities, orbital welding capabilities, a 308.6 square meters clean room for fabrication of high alloy materials, vertical turret lathes and other machine tools.
“HDOT is a public company incorporated on July 20, 2006 under the Companies Act, 1956 as a wholly owned subsidiary of Hindustan Dorr Oliver Limited. Industries served include Oil & Gas, Petrochemicals, Minerals, Refinery, Fertilizers,” company said in a regulatory filing on Tuesday.
GMM Pfaudler Ltd trade on Tuesday ended at Rs4,220.45 per piece down by Rs28.6 or 0.67% from its previous closing of Rs4,249.05 per piece on the BSE.